Industry expects BJP to revive manufacturing

New Delhi, May 16 (KNN)Reeling under a devastating slowdown, the Indian industry particularly the MSME sector today expressed high expectations from the forthcoming BJP led NDA government. The expectations are significant in the backdrop of the BJP making promises to revive the manufacturing sector which has been languishing for quite some time.

“Indian SMEs look forward to BJP’s ascension to power with a great sense of expectation,” Secretary General of FISME, Anil Bhardwaj said. He noted that BJP had emphasized giving priority to MSME manufacturing and hoped that the big projects that are on hold because of “policy paralysis” would get going now.

Echoing similar sentiments, President of FISME, D Gandhikumar said that the new government should address all the concerns of the sector, and implement the recommendations of the Inter-Ministerial Committee. Above all, he hopes that interest rates would be brought down for the MSME sector to promote growth and generate employment. Also, the issue of delayed payments which has caused immense distress to the sector has to be looked into urgently.Meanwhile, President of Gujarat State Small Industry Federation, Atul Kapse attributed Gujarat’s growth story to the MSME policy in the state. “The contribution of 3, 20,000 MSMEs in the state is huge and that has led to our development.”

In Gujarat, people have favourably voted for the Bharatiya Janata Party as the party is leading in all 26 seats in the state, while Modi won the Vadodara seat by a record margin of 5,70,128 votes against his nearest Congress rival Madhusudan Mistry.

Kapse said the 5 per cent interest subsidy to the MSMEs, cheaper land for industries, infrastructure, uninterrupted power, cable network across state, and other facilities for the MSMEs were provided to the industry. “We expect that whatever Narendra Modi did for Gujarat, will be done for the entire country; he will improve the policies and financial inclusion to the sector.”

Noida entrepreneurs from India's most populous and politically vital state have welcomed BJP victory and are expecting a positive response from the new government towards the industries problems.

“Everybody is looking towards Modi,” said Secretary General of Noida Entrepreneurs Association, V K Seth.“Modi brings all the departments, industries, policy makers, stakeholders for a meeting to discuss about new policies. We now expect that industry across India will be involved while formulating the policies,” he said adding that the Noida industries are reeling under three major problems of law and order; taxation structure; and development.

Modi has won in Varanasi with a massive margin over his nearest rival, Aam Aadmi Party chief Arvind Kejriwal. The BJP had won only 10 seats in UP in the previous Lok Sabha polls in 2009.

On the other hand, Manesar Industries Welfare Association (MIWA) said, “It is a great blessing to have a person who is pro-industry with a clear mandate.”

Secretary General of MIWA, Manmohan Gaind said that the industry is expecting a key change with growth. “We are going through the lowest point now. We are confident that Modi will work for the industry and address issues like finance, infrastructure, and technology.”

Gaind said that he is hopeful that it will be easier for the industry to run business. “Jobs will come only if the industries grow,” he said adding that the industry should be involved in policy making.

Congratulating the BJP leadership, ASSOCHAM President Rana Kapoor today said the biggest takeaway from these elections is that a single party is able to get there at the crucial half mark that will enable the BJP-led NDA to take decisive and bold decisions that will put the Indian economy back on the growth path.

“The Indian industry and the global investors have hopes on Narendra Modi who has a solid track record of governance in Gujarat,” he said.

Industry body FICCI said that it hopes that this mandate will help the leadership restore the much needed investor confidence, attract higher investments and generate employment, especially in the manufacturing sector.”

“The nation awaits an era of minimum government and maximum governance. Industry must be seen as a key factor in the nation’s advancement by enabling efficient provision of goods and services and creation of jobs”, said President, FICCI, Sidharth Birla.

Hailing the victory of NDA led by Modi, President, Federation of Indian Export Organisations (FIEO) said that the landslide victory and mandate given to Modi should result in a proactive and stable policy environment. “The new Government will have to bring back manufacturing on track to sustain export and economy,” Ahmed said.

Meanwhile, Engineering Export Promotion Council (EEPC) India Chairman Anupam Shah said that Narendra Modi led BJP- NDA government will be a big boost to India’s manufacturing sector that is crucial for exports.

“We expect the Modi Government to take some bold decisions regarding labour reforms which will ultimately benefit the Indian workforce and create new employment,” he said congratulating the BJP leadership.

The chairman of the apex body of engineering exports said Indian exports, with 45 per cent contributions from the MSME sector, have been languishing for the last few years and they expect some key decisions from the new government in the coming foreign trade policy.

“We also expect a significant improvement in the quality of governance, that will in turn reduce transaction cost of Indian exporters and make them competitive in the world,” he added.